Triad Guaranty Inc. (the "Company" or “TGI”) was formed in 1993 as the parent company of Triad Guaranty Insurance Corporation ("Triad"), an Illinois-domiciled private mortgage insurance company with its home office in Winston-Salem, North Carolina. Triad ceased issuing commitments for new business on July 15, 2008 and entered into voluntary run-off.
On December 11, 2012, the Illinois Department of Insurance (the "Department") placed Triad in rehabilitation. The Director of the Department is vested with possession and control over all of the assets and liabilities of Triad. The Company and its board of directors no longer have any oversight or management authority over Triad or its business and affairs.
TGI is a public company whose stock is currently quoted under the symbol "TGIC" on the OTCQB Pink tier operated by OTC Markets Group, a centralized electronic quotation service for over-the-counter securities.. Because the Company had fewer than 300 holders of record of its common stock at January 1, 2013, on January 28, 2013 the Company filed a Form 15 with the SEC and deregistered its common stock under the Securities Exchange Act of 1934, as amended. As a result, the Company is no longer required to file certain reports with the SEC, including Forms 10-K, 10-Q and 8-K.
The Company expects that its common stock will continue to be quoted on the OTC Pink tier following its deregistration, so long as market makers demonstrate an interest in trading in the Company’s common stock. However, there is no assurance that trading in the Company’s common stock will continue on the OTC Pink tier or on any other securities exchange or quotation medium.
The Company has no significant operating activities and limited remaining cash and other assets on hand. Going forward, the Company expects to explore various strategic alternatives, and in the absence of an acceptable option, anticipates seeking to dissolve the corporation either through Chapter 11, Chapter 7 or otherwise. The timing of such actions is uncertain.